Josh McDaniels & Next Head Coach Bets Payout Rules Could Differ by Sportsbook

You know the routine by now on how NFL news works when it comes to head coaching hires. The big-name reporters leak that it's happening, others follow up that the contract is finalized and the team eventually makes it official with an announcement on Twitter.

The real question: When will your bet get paid out in the 'Next Head Coach' market?

That's what bettors who jumped on Josh McDaniels to be the next head coach of the Las Vegas Raiders at +600 odds are wondering.

The answer could depend on the sportsbook.

Knowing the house rules on all of your bets is always important, especially in a futures market. For example, the house rules at BetMGM state bets are paid out once the hire becomes official through the team and league. At DraftKings, the house rules state bets will be paid out "when the team officially (as reported by the National Football League) awards a permanent contract to the next head coach and is designated the Head Coach on the official team coaching staff roster when the next team snap takes place. Permanent means non-interim."

The house rules say bettors would not be paid until Week 1 of the preseason, assuming that head coach is still there.

That was a surprise to some who were awaiting payment after the Chicago Bears announced the hire of Matt Eberflus.

However, DraftKings will pay out all 'Next Head Coach' winning bets once made official by the league, DraftKings told The Action Network. Bettors will not have to wait until the preseason to get paid this year.

Ironically, the reason for that stipulation in the house rules is because of the coach that was reportedly hired on Sunday: Josh McDaniels.

In 2018, McDaniels famously agreed to a contract with the Colts to be the team's next head coach. The team announced the agreement had been reached and scheduled a news conference to introduce him. However, before signing the contract, McDaniels backed out and returned to the New England Patriots as the team's offensive coordinator.

The confusion likely stems from the wording of the bets. 'Next Head Coach' doesn't infer anything regarding coaching an actual game. Compare that to 'Play Next Game' or 'Next Snap' in NBA or NFL trade markets — think Ben Simmons or Julio Jones last offseason — and those markets make the stipulation much more clear.

Assuming McDaniels actually signs his contract this time, bettors will be paid upon his arrival.